What Is The Bored Ape Yacht Club?

What Is The Bored Ape Yacht Club Club?

The Bored Ape Yacht Club has taken the NFT & crypto world by storm. Today we’ll dive into what BAYC is, how they got here, and where they may be heading.

Covered:

What is Bored Ape Yacht Club ( BAYC )?
How Did They Become Successful?
Where Are They Heading?

What is BAYC?

If you’ve been a part of any NFT or crypto community, you have inevitably heard about the Bored Ape Yacht Club. Created in April of this year on Ethereum by crypto enthusiasts, the project’s floor price now sits at 44 ETH ($189k USD). It’s hard to believe when Bored Apes were first minted they went for just 0.08 ETH. It’s absolutely wild and hard to comprehend BAYC’s rapid rise to NFT stardom.

Here is one of their pre-launch tweets from April. It garnered a meagre 161 likes at the time.

Pre-Sale Giveaway

The Bored Ape Yacht Club #NFT Pre-Sale is LIVE! All apes are 0.08 ETH, because Bonding Curves are a ponzi.

Come ape in with us and then get verified in the BAYC discord. https://t.co/fETPKfYVmc

To win a Bored Ape:

1?Retweet
2?Like
3?Comment pic.twitter.com/zYxUdfBQPO

— Bored Ape Yacht Club (@BoredApeYC) April 23, 2021

Minting took place via their website. At the time, curious holders took a chance on some art they admired just for the opportunity to become a member of a club they didn’t know much about — other than the fact the apes are supposed to be billionaires bored now after having secured their bags.

The appreciation for the BAYC was hard to forecast, but once the buying wave started in May, it hasn’t really stopped since. The “aped in” term was created shortly after by the community to celebrate those who bought into the BAYC brand.

The term has since been adopted by the NFT community when you buy into any project. Jimmy Fallon was the latest celebrity to an ape in, after mentioning it during his talk show.

Permission to come a bored? @BoredApeYC #NewProfilePic pic.twitter.com/1pbBt2gB1V

— jimmy fallon (@jimmyfallon) November 12, 2021

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How Did They Become Successful?

This is the classic case of a perfect storm. Many have since tried to duplicate their roadmap and have not had similar results. First, they hit a home run with their exceptional art and traits. Then the community took it from there. They created a #apefollowape on Twitter to show unity to all of those who aped in.

What took them to the next level was when they offered free airdrops and utility and paved the way for the next wave of NFT projects that had to show utility to its holders. In June they rewarded all holders with a free mint, Bored Ape Kennel Club. These now have a 3 ETH floor and were free to holders. Talk about bringing major utility to its loyal holders.

Introducing the Bored Ape Kennel Club.https://t.co/s0Ri7jppoJ pic.twitter.com/i6sRAfK6Wf

— Bored Ape Yacht Club (@BoredApeYC) June 18, 2021

With the success of the Kennel Club, they doubled down and rewarded all holders with 3 levels of serums to mutate their apes and create another free Mutant Ape Yacht Club NFT. You could ingest the serum or you were free to sell it on the open market, again- adding more free utility for just owning a BAYC.

If you weren’t fortunate enough to own a BAYC to mutate, they held a DUTCH auction starting at 3 ETH, for a collection of 10,000 on their website. They sold out within one hour for a total of 96 million dollars. The MAYC floor is currently at 7 ETH, which brings the total to 10 FREE ETH just for holding a BAYC. A few days ago, Mutant Ape #14179 sold for a record 100 ETH.

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Mutant #14179 was purchased for 100.0 ETH
https://t.co/QCBuSdqWd5

— boredapebot (@boredapebot) November 17, 2021

Strong utility combined with an even stronger community made the Bored Ape brand go parabolic. If OpenSea sales weren’t enough, they moved on to Christies and Sotheby’s auctions in the past few months, achieving record sales each time.

#AuctionUpdate 101 Bored Ape Yacht Club NFTs just sold for $24.4 million and 101 Bored Ape Kennel Club NFTs achieved $1.8 million in our Ape in! auction – the most significant #BAYC sale to date. Congrats to all the apes out there pic.twitter.com/e7UghlgtKy

— Sotheby's (@Sothebys) September 9, 2021

Where Are They Headed?

They recently just had a successful 1st Ape Fest in NYC, which kicked off on 10/31, where you could only gain free access with being a BAYC or MAYC owner. The true original utility coming to life in New York, which had performances from various artist, exclusive merchandise, a charity VIP dinner at the historic Carbone’s, and much more that you would only know if you attended.

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They plan to have more Ape Fests in 2022 and who knows what free mints they may have in store to reward holders. Like all NFT projects, they have plans in virtual lands and the metaverse, but they’ve stamped themselves as the luxury brand of NFTs, the Supreme of NFTs. That may be all they need to keep their growth, every day it seems a new celebrity’s purchasing one, bridging the gap between collectibles and brand, which is quickly turning to culture.

Auctions for the VIP Charity Dinner at Carbone on 11/6 are up! Shout out to @ohhshiny and his team at DIGITAL for all their work putting this together. https://t.co/qpyGCNHdvl

— Bored Ape Yacht Club (@BoredApeYC) November 2, 2021

They’ve recently had another spike in sales after Post Malone featured his newly purchased Bored Ape in his new much video with The Weeknd for his song ” One Right Now”, check out the video below and see if you can spot the BAYC!